William J. Mellin, New York Credit Union Association president/CEO, sent the following message to member credit unions on Thursday, lauding the passage by the state Legislature of the Excelsior Linked Deposit Program and recognizing the efforts of credit union advocates.
It has been years in the works, and I am now pleased to share that the legislation authorizing credit unions to participate in the Excelsior Linked Deposit Program has been passed by the Legislature!
This is a monumental step in securing a key legislative priority for the New York credit union movement, but our work is not yet done. The bill will now head to Gov. Andrew Cuomo’s desk, and the Association is doing everything in our power to see that he signs the legislation into law.
As we have said many times before, allowing credit unions to participate in the ELDP is a “win-win” from a credit union and business standpoint. In addition to opening the door for public deposits in credit unions and allowing credit unions to more easily serve New York businesses, the legislation also provides businesses with more choices when it comes to accessing affordable financial solutions.
To all the credit union advocates who sent letters, participated in our calls to action, met directly with lawmakers and otherwise advocated for credit union access to the ELDP over the years: Thank you. The Association remains committed to seeing this legislation through to the finish line.